SINGAPORE, Sept. 12, 2024 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) has been recognized for its solid operations by Rosenblatt, a Wall Street investment firm that defines Canaan Inc. as "promising" in light of the upcoming BTC bull market, and initiating with a "buy" rating and a $3 price target for its stock over the next 12 months. The report shows that Canaan is significantly undervalued, trading at 0.6x EV/Sales, compared to 3.9x for its peer group, an undervaluation that stems from concerns about the c ...

SINGAPORE, Sept. 5, 2024 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), a leading high-performance computing solutions provider, today announced that the Company will participate in the following investor conference. Canaan's management plans to have a presentation and host one-on-one meetings with institutional investors at the conference.H.C. Wainwright 26th Annual Global Investment ConferenceLotte New York Palace HotelPresentation Session: 8:30 am ET on September 9, 2024Presenters ...

SINGAPORE, Sept. 4, 2024 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), a leading high-performance computing solutions provider, today announced that the Company will participate in the following investor conference. Canaan's management plans to have a presentation and host one-on-one meetings with institutional investors at the conference.The 4th Annual Needham Virtual Crypto ConferenceVirtualSeptember 5, 2024Presentation Session: 1:30 PM ET on September 5, 2024When available, a lin ...

SINGAPORE, Sept. 3, 2024 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), a leading high-performance computing solutions provider, today announced that the Company will participate in the following investor conference. Canaan's management plans to host one-on-one meetings with institutional investors at the conference.Benchmark's 11th Annual TMT One-on-One ConferenceNew York CitySeptember 4, 2024When available, a link to the webcast will be posted at Events | Canaan Inc. (canaan-creati ...

[Canaan Inc. First Quarter 2024 Financial Results](index=1&type=section&id=Canaan%20Inc.%20First%20Quarter%202024%20Financial%20Results) [Operating and Financial Highlights](index=1&type=section&id=1.%20Operating%20and%20Financial%20Highlights) The company exceeded Q1 2024 revenue guidance at US$35.1 million, driven by a 182.1% sequential surge in mining revenue and record Bitcoin holdings, while significantly narrowing its net loss | Metric | Q1 2024 Value | Change | | :--- | :--- | :--- | | **Revenues** | US$35.1 million | Beat guidance of US$33M by 6% | | **Mining Revenue** | US$10.5 million | +182.1% sequentially | | **Bitcoin Holdings** | 1,057 Bitcoins | Record high, surpassed 1,000 for the first time | | **Net Loss** | US$39.4 million | Narrowed 71.7% sequentially, 53.3% YoY | [Management Commentary](index=1&type=section&id=2.%20Management%20Commentary) Management highlighted resilient sales and operational optimization in a pre-halving quarter, positioning the company for a new bullish cycle with product innovation and a strengthened balance sheet - CEO Nangeng Zhang emphasized resilience, surpassing revenue forecasts with **US$35 million in revenue** and **US$10.5 million in mining revenue**, driven by sales efforts and operational optimization[2](index=2&type=chunk) - The company is well-prepared for a new bullish cycle post-halving, supported by mass deliveries of the **A14 series** and the launch of the **A1566 Avalon Miner**[2](index=2&type=chunk) - CFO James Jin Cheng noted that **customer advances nearly doubled** from the end of 2023, which are expected to convert to revenue in Q2 and Q3, while the balance sheet was strengthened by a record holding of **1,057 bitcoins**[2](index=2&type=chunk) - Despite inventory write-downs, **net loss narrowed significantly** due to stringent expense control and strategic investments in the supply chain[2](index=2&type=chunk) [Detailed Financial Results](index=2&type=section&id=3.%20Detailed%20Financial%20Results) Q1 2024 revenues were US$35.1 million with a gross loss of US$37.3 million, while the net loss narrowed to US$39.4 million, aided by a significant unrealized gain on cryptocurrency holdings [Revenues](index=2&type=section&id=3.1%20Revenues) Q1 2024 total revenues of US$35.1 million declined year-over-year due to lower product sales, though mining revenue surged 182.1% sequentially | Revenue Stream | Q1 2024 (US$M) | Q4 2023 (US$M) | Q1 2023 (US$M) | | :--- | :--- | :--- | :--- | | **Total Revenues** | **35.1** | **49.1** | **55.2** | | Products Revenue | 23.4 | 44.9 | 44.1 | | Mining Revenue | 10.5 | 3.7 | 11.1 | | Other Revenues | 1.2 | 0.5 | 0.03 | - The decrease in product revenue was attributed to **lower total computing power sold** and a **reduced average selling price** resulting from softened demand before the Bitcoin halving event[3](index=3&type=chunk) - The sequential increase in mining revenue was mainly driven by the **recovery of the Bitcoin price** and **resumed mining computing power** in Kazakhstan[4](index=4&type=chunk) [Costs and Gross Loss](index=2&type=section&id=3.2%20Costs%20and%20Gross%20Loss) Q1 2024 cost of revenues was US$72.4 million, leading to an improved gross loss of US$37.3 million, which included a US$47.5 million inventory write-down | Cost/Loss Item | Q1 2024 (US$M) | Q4 2023 (US$M) | Q1 2023 (US$M) | | :--- | :--- | :--- | :--- | | **Cost of Revenues** | **72.4** | **103.1** | **102.8** | | Product Costs | 59.8 | 95.8 | 75.4 | | Mining Costs | 12.2 | 6.0 | 27.3 | | **Gross Loss** | **(37.3)** | **(54.1)** | **(47.5)** | - Inventory write-down, prepayment write-down, and provision for inventory purchase commitments totaled **US$47.5 million** in Q1 2024, compared to US$55.5 million in Q4 2023[5](index=5&type=chunk) [Operating Expenses](index=2&type=section&id=3.3%20Operating%20Expenses) Total operating expenses in Q1 2024 decreased to US$30.7 million, driven by lower G&A and S&M costs | Expense Category | Q1 2024 (US$M) | Q4 2023 (US$M) | Q1 2023 (US$M) | | :--- | :--- | :--- | :--- | | **Total Operating Expenses** | **30.7** | **39.2** | **38.1** | | Research & Development | 15.3 | 10.8 | 19.1 | | Sales & Marketing | 1.1 | 1.8 | 1.5 | | General & Administrative | 14.3 | 20.2 | 17.6 | [Net Loss and EPS](index=3&type=section&id=3.4%20Net%20Loss%20and%20EPS) The company's net loss narrowed significantly to US$39.4 million in Q1 2024, influenced by a US$33.6 million unrealized gain on cryptocurrency holdings | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | **Loss from Operations** | (US$68.0 M) | (US$93.3 M) | (US$85.7 M) | | **Net Loss** | (US$39.4 M) | (US$139.0 M) | (US$84.4 M) | | **Net Loss per ADS** | (US$0.16) | (US$0.77) | (US$0.51) | - A significant factor in the reduced net loss was an **unrealized gain of US$33.6 million** from the change in fair value of cryptocurrency, a result of adopting new accounting standards as Bitcoin's price increased during the quarter[12](index=12&type=chunk) [Balance Sheet and Financial Position](index=4&type=section&id=4.%20Balance%20Sheet%20and%20Financial%20Position) As of March 31, 2024, the company held total assets of US$534.1 million, including US$90.2 million in cryptocurrency, with total liabilities of US$122.4 million | Balance Sheet Item | March 31, 2024 (US$M) | December 31, 2023 (US$M) | | :--- | :--- | :--- | | **Cash** | 54.7 | 96.2 | | **Cryptocurrency Assets** | 90.2 | 28.3 | | **Total Assets** | 534.1 | 493.3 | | **Contract Liabilities** | 38.9 | 19.6 | | **Total Liabilities** | 122.4 | 145.1 | - As of March 31, 2024, the Company held **1,271.7 bitcoins** with a fair value of **US$90.2 million**, consisting of 1,057.4 bitcoins owned by the Company and 214.3 bitcoins from customer deposits[15](index=15&type=chunk) - The company had **263,746,289 ADSs outstanding** as of March 31, 2024, with each ADS representing 15 Class A ordinary shares[16](index=16&type=chunk) [Recent Developments](index=4&type=section&id=5.%20Recent%20Developments) Key activities include proposed insider share purchases, mining expansion to 4.0 Exahash/s, a US$49.9 million financing round, and adoption of new crypto accounting rules - The Chairman/CEO and CFO announced their intention to jointly purchase at least **US$2 million** of the company's ADSs with personal funds[17](index=17&type=chunk) - As of May 16, 2024, energized mining computing power increased by **58%** from the end of Q4 2023 to **3.0 Exahash/s**, with **4.0 Exahash/s** installed globally[18](index=18&type=chunk) - The company closed the second tranche of its preferred shares financing on January 22, 2024, raising net proceeds of **US$49.9 million** by issuing 50,000 Preferred Shares[21](index=21&type=chunk) - Effective January 1, 2024, the company adopted new accounting rule ASU 2023-08, measuring crypto assets at fair value, which led to a cumulative adjustment of US$18.9 million and an **unrealized gain of US$33.6 million** in Q1 2024[23](index=23&type=chunk) [Business Outlook](index=6&type=section&id=6.%20Business%20Outlook) The company projects total revenues of approximately US$70 million for both the second and third quarters of 2024 | Period | Expected Total Revenues | | :--- | :--- | | **Q2 2024** | ~US$70 million | | **Q3 2024** | ~US$70 million | [Financial Statements (Unaudited)](index=8&type=section&id=7.%20Financial%20Statements%20(Unaudited)) Unaudited statements detail the company's financial position, including a balance sheet, statement of comprehensive loss, and a non-GAAP to GAAP reconciliation [Condensed Consolidated Balance Sheets](index=8&type=section&id=7.1%20Condensed%20Consolidated%20Balance%20Sheets) [Condensed Consolidated Statements of Comprehensive Loss](index=9&type=section&id=7.2%20Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Loss) [Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA](index=10&type=section&id=7.3%20Reconciliation%20of%20Net%20Loss%20to%20Non-GAAP%20Adjusted%20EBITDA)

SINGAPORE, Aug. 26, 2024 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), a leading high-performance computing solutions provider, today announced that the Company will participate in the following investor conference. Canaan's management plans to host one-on-one meetings with institutional investors at the conference.Macquarie's ASEAN Conference 2024The Fullerton Hotel Singapore, 1 Fullerton Square, SingaporeAugust 27-28, 2024When available, a link to the webcast will be posted at Eve ...

Canaan (CAN) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #2 (Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.Since a chan ...

SINGAPORE, Aug. 16, 2024 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), a leading high-performance computing solutions provider, today announced that the Company will participate in the following investor conference. Canaan's management plans to host one-on-one meetings with institutional investors at the conference.Rosenblatt 4th Annual Technology Summit - The Age of AIVirtualPanel: The Evolution of Bitcoin Mining ASICsAugust 19, 2024, 12 pm ETWhen available, a link to the webcast w ...

Canaan Inc. (NASDAQ:CAN) Q2 2024 Earnings Conference Call August 15, 2024 8:00 AM ET Company Participants Nangeng Zhang - Chairman and CEO James Cheng - CFO Conference Call Participants Kevin Dede - H.C. Wainwright Shuang Sun - Guosheng Securities Bill Papanastasiou - Stifle Operator Ladies and gentlemen, thank you for standing by and welcome to Canaan Inc.'s Second Quarter 2024 Earnings Conference Call. At this time, all participants are in the listen-only mode. After the management's prepared remarks, we ...

Operating & Financial Results For the Second Quarter Ended June 30, 2024 August 15, 2024 Chairman & CEO CFO Nangeng Zhang Jin Cheng "James" Safe Harbor Statement NASDAQ: CAN AUGUST 2024 2 This presentation contains certain financial measures that are not recognized under generally accepted accounting principles in the United States ("GAAP"), including adjusted EBITDA (including adjusted EBITDA margin), non-GAAP net income, non-GAAP diluted earnings per share/ADS and cash flow. These non-GAAP measures should ...